{"id":290,"date":"2019-10-18T23:29:24","date_gmt":"2019-10-18T23:29:24","guid":{"rendered":"http:\/\/www.insurance-education-group.com\/insuranceeducationgroup\/?page_id=290"},"modified":"2020-02-20T05:07:10","modified_gmt":"2020-02-20T05:07:10","slug":"ho2-home-insurance-policy","status":"publish","type":"page","link":"https:\/\/www.insurance-education-group.com\/ho2-home-insurance-policy\/","title":{"rendered":"HO2 Home Insurance Policy"},"content":{"rendered":"
[vc_row][vc_column][vc_custom_heading text=”HO2 Home Insurance Policy” use_theme_fonts=”yes”][vc_column_text]The HO2 Home Insurance Policy is considered a middle-of-the road insurance policy in the United States. It provides good coverage for both the home and personal property.[\/vc_column_text][vc_custom_heading text=”HO2 Insurance Policies Cover Named Perils” font_container=”tag:h3|text_align:left|color:%23274e95″ use_theme_fonts=”yes”][vc_column_text]\n
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The HO2 insurance policy is a named perils insurance policy. This means it covers your home (dwelling) and all the stuff you own (your personal property) for damage caused by perils that are named – or listed – in your policy.<\/p>\n

If an event causes damage to your dwelling or personal property, and that event is listed in your policy as being a covered peril, good news: it\u2019s covered under the policy!<\/p>\n<\/div>\n<\/div>\n[\/vc_column_text][vc_custom_heading text=”HO2 Insurance Named Perils List” font_container=”tag:h3|text_align:left|color:%23274e95″ use_theme_fonts=”yes”][vc_column_text]The H02 insurance policy lists 16 perils as named perils. The following list shows what is considered a named peril in a standard HO2 policy:[\/vc_column_text][vc_row_inner][vc_column_inner width=”1\/3″]

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Fire or Lightning<\/h5>\n<\/p><\/div><\/div><\/div>
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Riot or Civil Commotion<\/h5>\n<\/p><\/div><\/div><\/div>
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Smoke<\/h5>\n<\/p><\/div><\/div><\/div>
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Volcanic Eruption<\/h5>\n<\/p><\/div><\/div><\/div>
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Art. Electric Current<\/h5>\n<\/p><\/div><\/div><\/div>
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Water or Stream<\/h5>\n<\/p><\/div><\/div><\/div>[\/vc_column_inner][vc_column_inner width=”1\/3″]
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Windstorm or Hail<\/h5>\n<\/p><\/div><\/div><\/div>
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Aircraft<\/h5>\n<\/p><\/div><\/div><\/div>
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Falling Objects<\/h5>\n<\/p><\/div><\/div><\/div>
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Cracking, Bulging<\/h5>\n<\/p><\/div><\/div><\/div>
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Vandalism<\/h5>\n<\/p><\/div><\/div><\/div>[\/vc_column_inner][vc_column_inner width=”1\/3″]
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Explosion<\/h5>\n<\/p><\/div><\/div><\/div>
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Vehicles<\/h5>\n<\/p><\/div><\/div><\/div>
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Theft<\/h5>\n<\/p><\/div><\/div><\/div>
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Freezing<\/h5>\n<\/p><\/div><\/div><\/div>
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Weight of Ice, Snow<\/h5>\n<\/p><\/div><\/div><\/div>[\/vc_column_inner][\/vc_row_inner][vc_column_text]Three of the named perils above are only covered if the damage is caused as a result of a sudden <\/em>and accidental<\/em> event. Those are (1) the discharge and\/or overflow of Water or Stream, (2) Cracking, Bulging, Burning or Tearing Apart, and (3) Artificially Generated Electrical Current.<\/p>\n

Other than that, if a peril from the list above damages your stuff, the HO2 insurance policy should cover it.[\/vc_column_text][vc_custom_heading text=”HO2 Insurance is Usually Replacement Cost” font_container=”tag:h3|text_align:left|color:%23274e95″ use_theme_fonts=”yes”][vc_column_text]The HO2 home insurance policy is normally written as a Replacement Cost<\/a> policy rather than an Actual Cash Value policy.<\/p>\n

Replacement cost coverage simply means that if anything needs to be replaced, it will be replaced with brand new materials at today’s cost, regardless what the material was worth at the time it was destroyed.<\/p>\n

For example, if your house burns down, replacement cost policies should cover the home to be rebuilt with brand new lumber at today’s prices.<\/p>\n

Actual cash value policies depreciate the value of the material that was damaged before paying out on claims. This means you could be hit with a substantial payout.<\/p>\n

While HO2 insurance policies are typically replacement cost, be sure to check with your agent before moving forward with this policy.[\/vc_column_text][vc_custom_heading text=”Home Policy Comparison – Baseline HO2″ font_container=”tag:h3|text_align:left|color:%23274e95″ use_theme_fonts=”yes”][vc_column_text]Where does the HO2 policy stand compared to other policies? It’s in the middle. Here is a quick look at other home insurance policies and how they stack up to the H02:<\/p>\n

Less Coverage: <\/strong>HO1<\/a>, HO8<\/a>, HOA<\/a><\/p>\n

Roughly Equivalent Coverage:<\/strong> HOA+<\/a><\/p>\n

More Coverage:<\/strong> HO3<\/a>, HO5<\/a>, HOB<\/a>, HOC<\/a>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]\n\t\t\t

<\/p>\n\t\t\t\n\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\"\"\nKeeping Up With Insurance is Time Consuming \n\t\t\t\t\t\t\t<\/rs-layer>Don't Worry, We've Got You Covered \n\t\t\t\t\t\t\t<\/rs-layer>Quote Concierge <\/i> \n\t\t\t\t\t\t\t<\/a>\t\t\t\t\t<\/rs-slide>\n\t\t\t\t\t<\/rs-slides>\n\t\t\t\t\t<\/rs-static-layers>\n\t\t\t\t<\/rs-module>\n\t\t\t\t